   Chapter 10.I, Problem 44RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Central Auto Parts borrowed $350,000 at 9 % interest on July 19 for 120 days.a. If the bank uses the ordinary interest method, what is the amount of interest on the loan?b. What is the maturity date? (a) To determine To calculate: The amount of interest on the loan by ordinary interest method, if Central Auto Parts borrowed$350000 at the interest rate of 9% for 120 days on July 19.

Explanation

Given Information:

Central Auto Parts borrowed $350000 at the interest rate of 9% for 120 days on July 19. Formula used: The simple interest formula is, Interest=Principle×Rate×Time Or, I=P×R×T Where, I is interest, P is principal, R is rate of interest and T is the time in years. To change the time in the year from the day, following formula used: Time=Number of days of a loan360 Calculation: Consider the provided information, Central Auto Parts borrowed$350000 at the interest rate of 9% for 120 days on July 19

(b)

To determine

To calculate: The maturity date of the loan, if Central Auto Parts borrowed \$350000 at the interest rate of 9% for 120 days on July 19.

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